|December 24th, 2007, 08:51 AM||#1|
Starwars From Coruscant
Join Date: Mar 2007
Location: Los Angeles
Likes (Received): 0
sears building Boyle heights
Olympic & Soto
...the largest building in Los Angeles and is on the way to being listed on the National Register of Historic Places.
Los Angeles Daily Journal reports: De La Hoya agreed last week to purchase the property for more than $70 million. His company, Los Angeles-based Golden Boy Enterprises LLC, in conjunction with partners Manarino Realty and Highridge Partners Inc., both Southern California developers, purchased the property from MJW Investments Inc.
“We have always wanted to do a project with Oscar De La Hoya,” said Bud Ovrum, Los Angeles deputy mayor for economic development. “We really think that his star power will add something special to the project and perhaps make it easier to attract good tenants and good uses because of the high regard in which he is held by so many people.”
The property, which is located at Olympic Boulevard and Soto Street, includes a still-operating Sears retail store and a long-closed Sears, Roebuck & Co. distribution center in a 1.8 million-square-foot complex.
The industrial parcel, which is near the Los Angeles River, would require zone changes for a redevelopment plan to move forward. The property also lacks the necessary entitlements for a mixed-use project. Ovrum said that city subsidies will be necessary to make the property’s planned retail component – which could be between 700,000 and 900,000 square feet – pencil out economically.
The property is expected to go into escrow within days and the deal is expected to close in the first quarter of 2008. Sources say the redeveloped site could be opened in 2012.
“I had envisioned a diverse, urban, mixed-use development and these developers with their resources and ties have a really great chance to make it happen,” said Weinstein, who worked with the local City Councilmember Jose Huizar and the Mayor Office’s on the project.
Golden Boy Enterprises did not return calls seeking comment. John Long, chief executive of El Segundo-based Highridge Partners and a co-founder of Golden Boy Partners, the urban development unit of De La Hoya’s company, was traveling last week and was unavailable for comment.
With construction scheduled to commence in spring 2007 and to conclude in 2011, the project will address Boyle Heights' need for more housing and shopping opportunities. Moreover, the development will create more than 1,400 permanent jobs and more than 3,000 construction jobs.
Sears Grand will open a 200,000-square-foot anchor store in the historic building's bottom two floors towards the rear, and 2,100 parking spaces will span the next seven levels above Sears. The overall development also will accommodate 750 total housing units that will range in size from 800 to 2,500 square feet. Twenty percent of those units will be affordable housing, and more than 340 of them will be loft condominiums situated in the upper floors at the front of the Sears building.
Olympic & Soto will include nine blocks of new construction around the existing Sears building in Los Angeles.
Nine blocks of new construction will be built on the 23 acres that surround the Sears building. These project components will include a 150,000-square-foot retail co-anchor, 60,000 square feet of office space, a 50,000-square-foot regional grocery store, three or four national restaurant chains and additional small- and medium-sized retailers to fill the project's total 630,000 square feet of much-needed retail space. "There is little to nothing in terms of national retail within a 3-mile radius of Boyle Heights," Meier says. "This area loses approximately $1 billion annually in sales leakage to outlying communities."
posted by luggi @ 2:30 PM
LA New $money$::NY Old $money$